Star Group, L.p.
SGU NYSE Retail-Retail Stores, Nec Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$1.8B
1.0%
vs prior year
Operating margin
Operating income as a share of revenue.
6.4%
3.0 pts
Net income
Profit after all expenses, interest and tax.
$73.5M
108.7%
Free cash flow
Cash from operations minus capital spending.
$56.0M
44.2%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Star Group, L.p. does
No business description yet.
- Legal name
- STAR GROUP, L.P.
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 10-K · Dec 9, 2025
- Accession · CIK
- 0001193125-25-311490
0001002590
Revenue and margins
Star Group, L.p. had $1.8B of revenue in fiscal 2025, up 1.0% on the year before.
FY16
Revenue $1.2B
FY17
Revenue $1.3B
FY18
Revenue $1.7B
FY19
Revenue $1.8B
FY20
Revenue $1.5B
FY21
Revenue $1.5B
FY22
Revenue $2.0B
FY23
Revenue $2.0B
FY24
Revenue $1.8B
FY25
Revenue $1.8B
Q4 '23
Revenue $267M
Q1 '24
Revenue $528M
Q2 '24
Revenue $666M
Q3 '24
Revenue $332M
Q4 '24
Revenue $240M
Q1 '25
Revenue $488M
Q2 '25
Revenue $743M
Q3 '25
Revenue $306M
Q4 '25
Revenue $248M
Q1 '26
Revenue $539M
Q2 '26
Revenue $767M
Q3 '26
Revenue $358M
FY16
Gross 33.8%
Operating 7.5%
Net 3.9%
FCF 7.9%
FY17
Gross 30.9%
Operating 4.2%
Net 2.0%
FCF 0.7%
FY18
Gross 27.6%
Operating 3.9%
Net 3.3%
FCF 2.6%
FY19
Gross 27.8%
Operating 2.1%
Net 1.0%
FCF 4.9%
FY20
Gross 32.4%
Operating 6.3%
Net 3.8%
FCF 11.0%
FY21
Gross 31.9%
Operating 8.7%
Net 5.9%
FCF 3.6%
FY22
Gross 24.1%
Operating 3.0%
Net 1.8%
FCF 0.8%
FY23
Gross 24.1%
Operating 3.2%
Net 1.6%
FCF 5.9%
FY24
Gross 28.4%
Operating 3.5%
Net 2.0%
FCF 5.7%
FY25
Gross 31.5%
Operating 6.4%
Net 4.1%
FCF 3.1%
Gross
Operating
Net
FCF
Q4 '23
Gross 19.0%
Operating −8.6%
Net −7.4%
FCF 7.0%
Q1 '24
Gross 28.3%
Operating 4.1%
Net 2.5%
FCF −12.0%
Q2 '24
Gross 30.9%
Operating 15.1%
Net 10.3%
FCF 7.8%
Q3 '24
Gross 26.6%
Operating −3.7%
Net −3.3%
FCF 22.9%
Q4 '24
Gross 24.1%
Operating −20.2%
Net −14.6%
FCF 14.8%
Q1 '25
Gross 32.3%
Operating 10.1%
Net 6.7%
FCF −14.0%
Q2 '25
Gross 35.0%
Operating 16.9%
Net 11.6%
FCF 6.2%
Q3 '25
Gross 28.1%
Operating −6.3%
Net −5.4%
FCF 22.5%
Q4 '25
Gross 24.0%
Operating −16.5%
Net −11.6%
FCF 4.0%
Q1 '26
Gross —
Operating 10.1%
Net 6.6%
FCF −11.1%
Q2 '26
Gross —
Operating 20.5%
Net 14.1%
FCF −1.2%
Q3 '26
Gross —
Operating −9.5%
Net −7.8%
FCF 32.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $44.9M
FY17
Net income $26.9M
FY18
Net income $55.5M
FY19
Net income $17.6M
FY20
Net income $55.9M
FY21
Net income $87.7M
FY22
Net income $35.3M
FY23
Net income $31.9M
FY24
Net income $35.2M
FY25
Net income $73.5M
Q4 '23
Net income −$19.7M
Q1 '24
Net income $13.0M
Q2 '24
Net income $68.4M
Q3 '24
Net income −$11.0M
Q4 '24
Net income −$35.1M
Q1 '25
Net income $32.9M
Q2 '25
Net income $85.9M
Q3 '25
Net income −$16.6M
Q4 '25
Net income −$28.7M
Q1 '26
Net income $35.8M
Q2 '26
Net income $108M
Q3 '26
Net income −$28.0M
FY16
Diluted EPS —
FY17
Diluted EPS —
FY18
Diluted EPS —
FY19
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets 6.5%
FY17
Return on capital —
Return on equity —
Return on assets 3.9%
FY18
Return on capital —
Return on equity —
Return on assets 7.9%
FY19
Return on capital —
Return on equity —
Return on assets 2.4%
FY20
Return on capital —
Return on equity —
Return on assets 7.0%
FY21
Return on capital —
Return on equity —
Return on assets 10.4%
FY22
Return on capital —
Return on equity —
Return on assets 4.0%
FY23
Return on capital —
Return on equity —
Return on assets 3.6%
FY24
Return on capital —
Return on equity —
Return on assets 3.9%
FY25
Return on capital —
Return on equity —
Return on assets 7.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $56.0M in fiscal 2025, 3.1% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $91.8M
FY17
Free cash flow $8.9M
FY18
Free cash flow $43.9M
FY19
Free cash flow $86.1M
FY20
Free cash flow $162M
FY21
Free cash flow $53.8M
FY22
Free cash flow $15.2M
FY23
Free cash flow $115M
FY24
Free cash flow $100M
FY25
Free cash flow $56.0M
Q4 '23
Free cash flow $18.6M
Q1 '24
Free cash flow −$63.5M
Q2 '24
Free cash flow $52.3M
Q3 '24
Free cash flow $76.0M
Q4 '24
Free cash flow $35.6M
Q1 '25
Free cash flow −$68.6M
Q2 '25
Free cash flow $46.1M
Q3 '25
Free cash flow $68.7M
Q4 '25
Free cash flow $9.8M
Q1 '26
Free cash flow −$59.7M
Q2 '26
Free cash flow −$9.1M
Q3 '26
Free cash flow $116M
FY16
Cash from operations $102M
Capital spending $10.1M
FY17
Cash from operations $21.1M
Capital spending $12.2M
FY18
Cash from operations $57.5M
Capital spending $13.6M
FY19
Cash from operations $97.4M
Capital spending $11.3M
FY20
Cash from operations $176M
Capital spending $14.1M
FY21
Cash from operations $68.9M
Capital spending $15.1M
FY22
Cash from operations $33.9M
Capital spending $18.7M
FY23
Cash from operations $124M
Capital spending $9.0M
FY24
Cash from operations $111M
Capital spending $10.7M
FY25
Cash from operations $71.0M
Capital spending $14.9M
Cash from operations
Capital spending
Q4 '23
Cash from operations $20.9M
Capital spending $2.4M
Q1 '24
Cash from operations −$60.3M
Capital spending $3.2M
Q2 '24
Cash from operations $55.1M
Capital spending $2.8M
Q3 '24
Cash from operations $77.5M
Capital spending $1.6M
Q4 '24
Cash from operations $38.6M
Capital spending $3.0M
Q1 '25
Cash from operations −$64.6M
Capital spending $4.0M
Q2 '25
Cash from operations $48.6M
Capital spending $2.5M
Q3 '25
Cash from operations $72.5M
Capital spending $3.8M
Q4 '25
Cash from operations $14.4M
Capital spending $4.6M
Q1 '26
Cash from operations −$55.2M
Capital spending $4.6M
Q2 '26
Cash from operations −$5.9M
Capital spending $3.2M
Q3 '26
Cash from operations $118M
Capital spending $2.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Star Group, L.p. returned $26.1M to shareholders in fiscal 2025, 47% of free cash flow. The diluted share count fell 2.8%.
FY16
Dividends $23.1M
Buybacks —
FY17
Dividends $24.3M
Buybacks —
FY18
Dividends $25.6M
Buybacks —
FY19
Dividends $25.6M
Buybacks —
FY20
Dividends $24.5M
Buybacks —
FY21
Dividends $23.4M
Buybacks —
FY22
Dividends $23.2M
Buybacks —
FY23
Dividends $23.7M
Buybacks —
FY24
Dividends $25.0M
Buybacks —
FY25
Dividends $26.1M
Buybacks —
Dividends
Buybacks
Q4 '23
Dividends $6.1M
Buybacks —
Q1 '24
Dividends $6.1M
Buybacks —
Q2 '24
Dividends $6.1M
Buybacks —
Q3 '24
Dividends $6.5M
Buybacks —
Q4 '24
Dividends $6.3M
Buybacks —
Q1 '25
Dividends $6.3M
Buybacks —
Q2 '25
Dividends $6.3M
Buybacks —
Q3 '25
Dividends $6.8M
Buybacks —
Q4 '25
Dividends $6.6M
Buybacks —
Q1 '26
Dividends $6.5M
Buybacks —
Q2 '26
Dividends $6.5M
Buybacks —
Q3 '26
Dividends $6.9M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.06B
FY17
Diluted shares 0.06B
FY18
Diluted shares 0.05B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.04B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably Star Group, L.p. can carry it.
FY16
Cash $139M
Debt $91.6M
FY17
Cash $52.5M
Debt $75.7M
FY18
Cash $14.5M
Debt $101M
FY19
Cash $4.9M
Debt $153M
FY20
Cash $56.9M
Debt $123M
FY21
Cash $4.8M
Debt $119M
FY22
Cash $14.6M
Debt $184M
FY23
Cash $45.2M
Debt $148M
FY24
Cash $117M
Debt $209M
FY25
Cash $24.7M
Debt $188M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $4.8M | $14.6M | $45.2M | $117M | $24.7M |
| Debt incl. finance leases | $119M | $184M | $148M | $209M | $188M |
| Net debt / EBITDA | 0.7x | 1.8x | 1.1x | 1.0x | 1.1x |
| Current ratio | 0.6x | 0.8x | 0.7x | 0.8x | 0.6x |
| Quick ratio | 0.5x | 0.5x | 0.5x | 0.6x | 0.5x |
| Total assets | $854M | $912M | $875M | $940M | $937M |
| Net debt (− = net cash) | $114M | $170M | $103M | $91.5M | $163M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Current ratio rose | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | 5 / 9 | 7 / 9 | 6 / 9 | 7 / 9 | 6 / 9 | 5 / 9 | 6 / 9 | 7 / 9 | 7 / 9 |
| Accruals ratio | −8.2% | 0.9% | −0.3% | −10.8% | −15.1% | 2.2% | 0.2% | −10.3% | −8.3% | 0.3% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.2B | $1.3B | $1.7B | $1.8B | $1.5B | $1.5B | $2.0B | $2.0B | $1.8B | $1.8B |
| Provision for credit losses | — | — | — | — | — | $0.2M | −$5.4M | −$9.8M | −$8.0M | −$6.9M |
| Gross profit | $392M | $408M | $463M | $488M | $475M | $478M | $484M | $471M | $502M | $563M |
| Operating income | $87.4M | $55.3M | $66.1M | $37.4M | $93.0M | $130M | $60.5M | $62.5M | $61.1M | $114M |
| Pretax income | $78.7M | $47.3M | $63.1M | $25.2M | $76.5M | $121M | $49.0M | $45.9M | $48.6M | $103M |
| Income tax | $33.7M | $20.4M | $7.6M | $7.5M | $20.6M | $33.7M | $13.7M | $14.0M | $13.3M | $29.4M |
| Net income | $44.9M | $26.9M | $55.5M | $17.6M | $55.9M | $87.7M | $35.3M | $31.9M | $35.2M | $73.5M |
| Diluted shares | 0.06B | 0.06B | 0.05B | 0.05B | 0.05B | 0.04B | 0.04B | 0.04B | 0.04B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | $102M | $21.1M | $57.5M | $97.4M | $176M | $68.9M | $33.9M | $124M | $111M | $71.0M |
| Capital expenditure | $10.1M | $12.2M | $13.6M | $11.3M | $14.1M | $15.1M | $18.7M | $9.0M | $10.7M | $14.9M |
| Free cash flow | $91.8M | $8.9M | $43.9M | $86.1M | $162M | $53.8M | $15.2M | $115M | $100M | $56.0M |
| Depreciation and amortization | $27.8M | $29.2M | $32.9M | $33.9M | $35.6M | $34.5M | $33.6M | $33.4M | $32.5M | $36.4M |
| Acquisitions | $9.8M | $43.3M | $23.7M | $60.9M | $4.2M | $40.7M | $13.1M | $19.8M | $49.4M | $88.1M |
| Dividends paid | $23.1M | $24.3M | $25.6M | $25.6M | $24.5M | $23.4M | $23.2M | $23.7M | $25.0M | $26.1M |
| Dividends and buybacks | $23.1M | $24.3M | $25.6M | $25.6M | $24.5M | $23.4M | $23.2M | $23.7M | $25.0M | $26.1M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $139M | $52.5M | $14.5M | $4.9M | $56.9M | $4.8M | $14.6M | $45.2M | $117M | $24.7M |
| Total debt | $91.6M | $75.7M | $101M | $153M | $123M | $119M | $184M | $148M | $209M | $188M |
| Current assets | $295M | $241M | $257M | $227M | $226M | $222M | $288M | $255M | $281M | $207M |
| Current liabilities | $290M | $272M | $283M | $326M | $345M | $345M | $381M | $365M | $374M | $349M |
| Inventory | $45.9M | $59.6M | $56.4M | $64.8M | $50.3M | $61.2M | $83.6M | $56.5M | $41.6M | $47.0M |
| Property and equipment, net | $70.4M | $79.7M | $87.6M | $98.2M | $93.5M | $99.1M | $108M | $105M | $105M | $129M |
| Goodwill | $213M | $226M | $228M | $245M | $240M | $253M | $254M | $262M | $276M | $293M |
| Intangible assets | $97.7M | $105M | $98.4M | $108M | $90.3M | $95.5M | $84.5M | $76.3M | $98.7M | $125M |
| Total assets | $692M | $674M | $730M | $753M | $839M | $854M | $912M | $875M | $940M | $937M |
| Margins | ||||||||||
| Gross margin | 33.8% | 30.9% | 27.6% | 27.8% | 32.4% | 31.9% | 24.1% | 24.1% | 28.4% | 31.5% |
| Operating margin | 7.5% | 4.2% | 3.9% | 2.1% | 6.3% | 8.7% | 3.0% | 3.2% | 3.5% | 6.4% |
| EBITDA margin | 9.9% | 6.4% | 5.9% | 4.1% | 8.8% | 11.0% | 4.7% | 4.9% | 5.3% | 8.5% |
| Net margin | 3.9% | 2.0% | 3.3% | 1.0% | 3.8% | 5.9% | 1.8% | 1.6% | 2.0% | 4.1% |
| FCF margin | 7.9% | 0.7% | 2.6% | 4.9% | 11.0% | 3.6% | 0.8% | 5.9% | 5.7% | 3.1% |
| Returns | ||||||||||
| Return on capital employed | 21.7% | 13.8% | 14.8% | 8.7% | 18.8% | 25.6% | 11.4% | 12.2% | 10.8% | 19.5% |
| Return on assets | 6.5% | 3.9% | 7.9% | 2.4% | 7.0% | 10.4% | 4.0% | 3.6% | 3.9% | 7.8% |
| Growth | ||||||||||
| Revenue growth | — | 14.0% | 26.8% | 4.5% | −16.3% | 2.0% | 34.0% | −2.7% | −9.6% | 1.0% |
| Net income growth | — | −40.1% | 106.3% | −68.2% | 217.0% | 56.9% | −59.8% | −9.5% | 10.3% | 108.7% |
| FCF growth | — | −90.3% | 393.3% | 96.2% | 87.7% | −66.7% | −71.7% | 654.0% | −12.5% | −44.2% |
| Share count change | — | −2.0% | −2.0% | −7.2% | −10.2% | −11.2% | −7.8% | −4.5% | −1.2% | −2.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.4x | 0.3x | 0.9x | 2.1x | 0.5x | 0.7x | 1.8x | 1.1x | 1.0x | 1.1x |
| Current ratio | 1.0x | 0.9x | 0.9x | 0.7x | 0.7x | 0.6x | 0.8x | 0.7x | 0.8x | 0.6x |
| Quick ratio | 0.9x | 0.7x | 0.7x | 0.5x | 0.5x | 0.5x | 0.5x | 0.5x | 0.6x | 0.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.9% | 0.9% | 0.8% | 0.6% | 1.0% | 1.0% | 0.9% | 0.5% | 0.6% | 0.8% |
| Payouts / FCF | 25.1% | 273.5% | 58.4% | 29.7% | 15.1% | 43.6% | 152.5% | 20.7% | 25.0% | 46.6% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 7.0 | 6.0 | 7.0 | 6.0 | 5.0 | 6.0 | 7.0 | 7.0 |
| Accruals ratio | −8.2% | 0.9% | −0.3% | −10.8% | −15.1% | 2.2% | 0.2% | −10.3% | −8.3% | 0.3% |
Source: SEC EDGAR XBRL filings (CIK 0001002590). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.